What Are Digital Assets? – How to Make Money from Digital Assets

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What Are Digital Assets
What Are Digital Assets

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What Are Digital Assets?

The digital asset is generally anything that is been created and also stored digitally, is identifiable and is also discoverable, and has or provides value. Digital assets have become even more popular and also valuable as technological advances become integrated into our personal and professional lives. Data, images, video, written content, and more have long been considered digital assets with ownership rights.

Most digital items, like a company’s brand, can be assigned a value, monetary or intangible. Some digital items may only be valuable to the creator or one person, such as a family picture on your phone taken at a gathering. Others can be valuable to a much wider audience.

Types of Digital Assets

Here are the Digital Assets Examples or types. There are many different types of digital assets. Here is a list of many of the familiar ones:

  • Photos.
  • Documents.
  • Videos.
  • Books.
  • Audio/Music.
  • Animations.
  • Illustrations.
  • Manuscripts.
  • Emails and email accounts.
  • Logos.
  • Metadata.
  • Content.
  • Social media accounts.
  • Gaming accounts.

Newer digital assets are based on blockchain or similar technologies:

  • Nonfungible tokens.
  • Cryptocurrency.
  • Tokens.
  • Crypto Assets.
  • Tokenized Assets.
  • Security Tokens.
  • Central Bank Digital Currencies.

How to Make Money from Digital Assets

When you look at a list of digital items that can be considered assets, it then even becomes clear that our lives are more digitally-based than ever. For instance, when we want to learn about something, we usually turn to digitally hosted information because it is quicker and even easier than driving to a library, hoping they have the resources you need.

Our photos, entertainment, and also important documents are mostly in digital form. Businesses and governments keep and store data and information, all of which have different values depending on how they can be accessed or used.

When investors, governments, and also the general public became aware of the blockchain technology and cryptocurrencies in the year 2010s, digital assets then took on an entirely new meaning. Cryptocurrencies then joined the list of digital assets because people placed a value on them, whether they were intended to be used as assets or not.

How to Make Digital Assets Discoverable

While investing in creating digital assets is important, the assets are only valuable if they can be found. When you are simply working with a lot of digital assets, it is also important to take steps to make sure that they are discoverable and can be the managed efficiently. This is usually done with the consistent use of metadata (keywords, titles, photographer name, etc.), and also a smart taxonomy (category structure):

Metadata

The Metadata is essentially data about data providing a variety of information about the asset, beyond its basic filename. There are two types of metadata that include the following:

Technical metadata: usually been displayed automatically, such as resolution, photographer name, dimensions, and size.

Descriptive metadata: describing a resource for the purpose of discovery, such as title, description, and also keywords.

Most commonly, people even tend to associate metadata with keywords. Your keywords are keys to powering asset search and also even give you the power to label your assets in a way that’s relevant to your unique business needs.

Taxonomy

A taxonomy is a hierarchical structure that enables you to categorize and be able to classify your assets to ease navigation, and also identify relationships between assets. Using a taxonomy will enable users intuitively browse for assets in a digital asset management system, especially when they are not exactly sure what they are looking for. Here’s a helpful post about you building a taxonomy.

While a basic form of both metadata and taxonomy can be done in-house, most companies are then taking advantage of a digital asset management system to truly take full control of their digital assets and also give instant access to the people that need them.

How to Make Digital Assets

Here are the steps for you to follow when you want to make or create of the Digital assets:

1. Audit Existing Digital Assets

Carrying an audit of your existing digital assets will simply enable you to understand which assets need to be managed, allowing you to make informed decisions. Most of the time, they even sit in your company’s folders unknown to many of your employees along with being undervalued, poorly used, or even never found.

As a starting point, try to simply analyze and then understand the digital assets currently present and owned by your organization. Next, answer these questions below:

  • Where are these assets stored currently?
  • What software do you use to manage it?
  • Who is taking care of the process right now? Is there a team?
  • Are all the employees aware of these assets?
  • Do you have a labeling system for them?

Use this data to then identify the gaps in your current DAM strategy. The idea is for you to troubleshoot the current system and then create a new one that is more organized, automated, and secure.

This audit will then assist you to understand what’s missing right now, what you need, and how it will help you. Don’t forget to simply record all these observations in a Google sheet as a track record that you can then come back to if there are any complications.

2. Establish an Action Plan and Define Objectives

After carrying the audit, it will then be easy for you to understand where the organization is going wrong in managing these assets. Let’s use that to create a better and even more effective action plan that can then put your DAM on auto-pilot and also make it a regular part of your management structure.

Here are some best practices to keep in mind while creating your plan:

  • Identify the problems you’re facing right now and what steps are needed to resolve them.
  • Create milestones and goals attached with realistic timelines.
  • Clearly define what this plan will help achieve and the results you expect from this.
  • Create an outline of the resources, team members, investment, tools, tech, and other variants required to make the strategy successful.
  • Document your action plan for reference during the execution.

This action plan is very important to see where you are simply headed to and also how you should carry out your next few steps. It will then also divide clear roles for the team members, so there are no discrepancies, and everything is in line with your editorial calendar.

3. Discuss the Plan with Your C-Level Executives and Decision-Makers

If you are not the decision-maker in the organization, then you should simply take this discussion to the executives. Ideally, make a presentation from steps 1 and 2 and then present it in a meeting that includes those affected by this plan or key execution members.

Not everyone will simply understand the importance of having a DAM strategy and what it even means for your company, so make it a point to communicate that. This will then help to simply justify your efforts and also show the decision-makers how it will help grow the business.

In today’s data-driven world, assumptions do not even work so, lead with data. Elaborate on how your company can even do better than your competitors and be able provide an even better customer experience by adopting and also investing in the DAM strategies.

This discussion is a crucial part of digital asset management because it will:

  • Solidify your plan.
  • Help prepare a proper budget, and get a go-ahead on it.
  • Give you the motivation to execute it with full force.
  • Make the project involvement much more solid.
  • Ensure that everyone is on the same page, and understands the depth of the situation and how it can do a 360 on the company’s outlook and marketing processes.

Leadership buy-in is a non-negotiable aspect of DAM, so ensure you prepare for it properly if you want to transform and elevate the organization’s success in marketing and related activities.

4. Assign a team and workflow for the plan

The Digital asset management is not a one-person role; it simply requires multiple people to succeed in execution and also then get you closer to your DAM goals. As a general rule of thumb, you should write down the kind of expertise you need for different sections of your strategy. Here’s what you will need:

  • IT Team.
  • Business Team.
  • User community.
  • Members managing asset management earlier.
  • Part-time or full-time DAM administrator or project manager.

Once the team is then formed, then it is time to create and also set up workflows. Start by uploading your assets and granting permissions to team members.

It would be best option to have different categories based on how much information access you want each member to simply have or possess. These categories can be advanced, general users, and basic users, with the advanced users having the maximum flexibility and also permissions.

Ideally, a creative DAM workflow process will look like this:

  • Upload the digital asset or media file.
  • Add metadata information.
  • Update existing files (if any) to ensure they all follow the same naming convention.
  • Create additional folders, if required.
  • Create a shareable document to detail the process of organizing for member reference.

Once every DAM team member is familiar with the workflow, you should then try to automate it.

Why? Because it can help you to save time spent on doing manual and repetitive tasks. The AI can even carry out routine tasks, while members can focus on things of greater significance.

5. Identify Where You Will Manage These Assets

When it comes to managing assets, there is multiple software and tools that you can simply choose from but try not to jump into new systems all of a sudden.

An example of the asset management software is Adobe creative cloud. It can be integrated with your system to simply store your company’s digital assets. Adobe’s Photoshop can even also be used from the same software while editing the media files, and adding watermarks.

You can then analyze the features you would require in a management tool. It would be even best to discuss this with your team while exploring various options to then choose the finest DAM tool that fits your requirement.

While choosing the management software, you should simply keep these points in mind:

  • What are the licensing options available? This will tell you how many members can get access.
  • What if your company grows 2x to its current size? Will this solution still work fine and provide access to additional users?
  • Is it cloud or premise-based? Discuss these options with your IT department and decide which option is suitable for your company.

It is very essential to choose the right DAM software because that is where everything will be well organized and managed so you shouldn’t compromise in this particular aspect as it can make or break your DAM efforts.

6. Create A Standard Structure for Naming, Tags, And Categories

Imagine you have thousands of pictures submitted by different photographers. There are even high chances to have multiple pictures with the same file names. So, how will you then be able to differentiate and find the image you are looking for?

This is precisely why a naming convention is then essential to simply enable easy sorting and differentiation.

While creating this structure for your DAM efforts, you can even consider categorizing the assets through these:

  • Name or function of the asset.
  • Date of development.
  • Serial number.
  • Department.
  • Country of development.
  • Product line.

You can then even create a cascading folder structure where the folders are been saved for better organization and also discoverability. The idea is to create a naming and then a structuring system that everyone can follow and also understand in your organization.

You can even create a guide for this structure, so if anyone wants to find a particular asset, they can refer to the guide.

7. Roll out The Implementation in Small Phases

Rolling out a massive change in your organization like DAM can’t be done abruptly. You will simply need to start implementing small runs so that everyone can then understand what’s happening, you can even fix mistakes on the go, and the business does not even take a sudden hit due to the change.

This process will then ensure that your strategies are working out the way you intended, and if not, help devise a plan to introduce improvements.

Slowly, you can then begin expanding your operation to get more members to understand the process while ensuring transparency and crystal comprehension.

Also, try to inculcate agility in your company dynamics. It simply allows you to accommodate changes at any point in time during the project execution and also lets you to get timely feedback on tasks. Moreover, it trains the employees to adapt to dynamic changes a force for enterprise success.

Since DAM implementations also involve the utilization of complex hardware, software, people, and also systems, you can then be able to reduce the failure rate and then reach your goals faster by rolling out the implementation in phases.

8. Use Data and Analytics to Increase the System’s Efficiency

In today’s data-driven world, if you simply think that there is a business that does not require data to scale its performance, then you need to rethink. Every strategy is been analyzed and also improved based on data findings, and DAM is no exception.

Once you have had a good run with the strategy, pause and also then assess your route. See how your plan is simply working out and if you need any changes or improvements.

Through this, you can then be able to identify bugs, troubleshoot problems, and also be able to fix the leakages to make the DAM strategy much stronger and fail-proof. You can use this in two ways:

  • Study how employees search for the assets to find patterns, create unique data assets, and develop security measures against data exploitation.
  • Analyze metrics like how many times the asset has been downloaded and shared to identify issues, and make changes to metadata, tags, etc.

The only way to simply move forward and make sure that the DAM strategy improves and benefits your asset management is to make improvements. So, set up regular meetings to then assess performance and make tweaks wherever needed.

FAQs

Is Bitcoin a Digital Asset?

Now users want to know if the Bitcoin is also a Digital asset. Well, Regardless of how different people define and view Bitcoin, it is a digital asset because it has value. So Bitcoin can also be called a digital asset so read further and get more facts.

How Are Digital Assets Valued?

The first principle in valuing a digital asset simply involves determining whether or not said asset can be used outside the context of the enterprise from which it derives value. Most digital assets can even derive their value when they are used in a certain context, and also not from an independent free market value.

What Are Risk Digital Assets?

The digital asset might then be vulnerable to attacks on the security, integrity or operation, including attacks using computing power sufficient to overwhelm the normal operation of the digital asset’s blockchain or other underlying technology.

Are Digital Assets Taxable?

As digital assets are intangible personal property under current law, they can also be easily transferred outside the individual’s state of residence. But some states levy a tax on capital gains income, which can then inherently, applies to digital assets.

Is A Digital Asset Intellectual Property?

How does intellectual property relate to digital asset management? As I have mentioned before, intellectual property simply includes things like logos, images, designs, music – basically anything that can be your brand and also be creative content. That means that a lot of your intellectual property will then or should be in the form of digital assets.

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